“‘In reality, many of us will never come close to paying off these debts.’”
As the twentieth century draws to a close, I find myself the father of three boys under five.
The youngest is born under circumstances that seem positively routine compared with our first outing. When I return to hospital six hours after the birth, my wife is dressed and ready to go, the baby packed up like hand luggage.
Various states — at least 22 of them, currently — have decided to put the fear of god in their young workers. Jobs With Justice explains:
In Alaska, California, Florida, Georgia, Hawaii, Illinois, Iowa, Kentucky, Louisiana, Massachusetts, Minnesota, Mississippi, Montana, New Jersey, North Dakota, Oklahoma, Tennessee, Texas, Virginia and Washington, nurses and health-care professionals can all be locked out from their job if they fall into default on their student loans.
In Georgia, Hawaii, Iowa, Louisiana, Massachusetts, Montana, New Jersey, North Dakota, Oklahoma and Tennessee, laws prevent K–12 teachers from working until they begin to repay their student loans. …
These state laws target a wide range of professions, including attorneys, physicians and therapists – even barbers make the list. But two professions show up over and over again: nurses and teachers.
Both professions serve a critical role in our communities and are often wildly underpaid. Are we really in a position to be punishing the people we need the most?
That is what you might call a rhetorical question.
Pull up those balances!
Basically, during the crisis, the amount of money that people owed on their adjustable mortgages jumped up significantly during a period of rapid inflation. So now the government of Iceland is forgiving the debt—or at least the percentage of the debt that was incurred as a result of the inflation.
I’m interested in creating a platform to discuss how stigmatized debt is in our culture. It’s a publicly enforced system, but it’s typically privately experienced.